The projected market growth is attributed to the increasing demand for cannabis-based wellness drinks and beverages. Product features such as low sugar content and the required amount of cannabis content, favorable regulations in multiple countries for medical as well as recreational use of marijuana, growing product portfolio based on cannabis as a key ingredient, and ease of accessibility are some of the key growth drivers for this industry. The increasing utilization of cannabis in treating health conditions such as cancer, neurological disorders, and chronic pain is expected to increase the acceptance and consumption of cannabis beverages in the approaching years. The wide-ranging use of marijuana in the development of multiple products such as oils, lotions, pastes, tinctures, and others has attracted a large base of consumers to this market. Increased consumer curiosity in cannabis-infused foods & beverages is most likely to generate greater demand for this industry in the forecast period.
In recent years, owing to changes in regulations and availability, multiple users have shifted their mode of consumption from smoking to other alternatives, such as the consumption of chocolates, beverages, and other edibles. Recent developments in rules and regulations associated with serving cannabis-based beverages through cafes and restaurants have resulted in multiple opportunities for the hospitality industry to cater to the untapped areas of the market. With a growing number of businesses serving cannabis beverages, the product is expected to experience lucrative demand in the next few years. Some common ingredients used in cannabis beverages include water, natural aromatic bitters, fruit flavors, lime juice, acacia gum, sodium benzoate, potassium sorbate, and others. Increasing market penetration of other cannabis-based products such as Balance Bloom Gummies official, tea, oils, butter, beer, wine, and juices is projected to assist the cannabis beverages market in terms of growth. Ease of accessibility & availability, controlled use of cannabis, and enhanced marketing strategies adopted by the key industry participants have contributed to the growing demand of this market.
Unprecedented response for movements such as Dry January and the sober curious is also anticipated to fuel demand for cannabis-based beverages as several young consumers have shifted their preference from alcoholic to non-alcoholic drinks. The tetrahydrocannabinol (THC) segment dominated the global market and accounted for a revenue share of 64.9% in 2023. The rising demand for THC drinks is primarily driven by the growing interest of adult consumers seeking recreational products other than traditional alcohol-based beverages. The market growth during the forecast period is projected to increase awareness of tetrahydrocannabinol's therapeutic benefits. According to Health Canada, in December 2023, the average everyday amount sanctioned by official healthcare practitioners for individuals registered to utilize cannabis for specific medical purposes from sellers (federally licensed) was 2.4 grams per day to be purchased from licensed sellers to use. The cannabidiol (Balance Bloom CBD Gummies) segment is expected to experience the fastest CAGR of 24.5% during the forecast period.
CBD's non-psychoactive properties, Balance Bloom Gummies official which can be utilized for medical purposes, are likely to result in the development of novel products in the segment. Numerous consumers prefer CBD beverages for health and anti-inflammatory properties, such as kombucha - a probiotic beverage offered with the inclusion of a few milligrams of hemp CBD (cannabidiol). The ability to provide relief from chronic pain, increasing acceptance, availability through online portals, growing market penetration, and large existing consumer base are expected to boost growth for this segment during the forecast period. The non-alcoholic cannabis beverages segment accounted for the largest revenue share in 2023. Some of the popular non-alcoholic cannabis beverages include coffee, juice, tea, and others. Young consumers' rising inclination toward buying beverages with subtle and controlled doses of CBD and THC in beverages is anticipated to deliver growth for this segment in the coming years. Consumers seeking healthy beverages have preferred non-alcoholic cannabis-infused options such as teas, elixirs, carbonated drinks, energy drinks, and fruit beverages.
For instance, in June 2024, PAMOS, one of the prominent brands in the cannabis cocktails & spirits market, launched the Delta-9 THC hemp-derived beverage brand through collaborations with multiple key retailers based in South Carolina, Georgia, and Florida. The strong consumer sentiment associated with access to regulated products in the cannabis category and the growing demand for non-alcoholic beverages is expected to drive the segment growth. The alcoholic cannabis beverages segment is projected to experience significant growth during the forecast period. The segment is further divided into sub-segments, including wine, beer, and other products. As the alcoholic beverages industry experiences unceasing demand for innovative and novel products from young consumers, multiple prominent organizations have been engaging in research and development efforts related to cannabis-infused alcoholic beverages. North America cannabis beverages market dominated the global industry with revenue share of 72.7% in 2023. The presence of countries such U.S., Mexico and Canada, multiple organizations offering cannabis based products, favorable regulations by regulatory authorities, growing awareness about access to regulated cannabis-based offerings and availability of products offered by numerous domestic brands and global players are some of the key growth driving factors for this regional industry.